Rita has taken a loan of 7 lakhs from the bank to purchase a car. The annual interest
rate on the loan is 14.5 per cent and the loan is to be repaid in 3 years in monthly
instalments.
The bank retained the papers of the new car as collateral, which will be returned to Rita
only when she repays the entire loan with interest.
Analyse the loan information given above, considering one of the following correct
option.
(a) Mode of re-payment
(b) Terms of credit
(c) Interest on loan
(d) Deposit criteria
Answers
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Answer:
Explanation:
ANS IS (B) TERMS OF CREDIT
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